- Getty Images and Shutterstock are merging.
- The merger aims to save $200 million and boost revenue in three years.
- The new company will face competition from AI image-generation tools like Adobe's Firefly and DALL·E 3.
Getty Images and Shutterstock are merging in a deal that could help the company better prepare for artificial intelligence.
On Tuesday, Getty's stock jumped 24%, while shares of Shutterstock rose 14%, a sign that investors welcome the merger.
The combined company, which will be called Getty Images, will be worth $3.7 billion, Getty said in a release on Tuesday. It expects the deal to generate up to $200 million in cost savings over three years and come with more revenue opportunities.
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